Property Loan 20 - Repaid in full after Default

I bought 1p last night in order to be fully informed what will happen to my tiny loan ;-) all to find out how SS handle this matter.

I don't think anyone should be suing anyone either. The big winners are always the lawyers and I'm sure this will be sorted out properly and amicably to the best outcome for all involved.

My point was that this was quite an early loan and it was clearly made under the original terms and conditions. It wasn't effectively a peer-to-peer loan. Saving stream only moved to a proper peer to peer structure more recently and I had correspondence from them that made it plain that the new structure and arrangement related only to new loans from that date onwards and that older loans remained under the original non peer to peer arrangement.

The Old arrangement was that investors were lending their money to Lendy. So effectively their contract was with Lendy and not with the end borrower. We lent to Lendy and Lendy then lent to their borrower not our borrower. Therefore if the investors don't get their capital and interest back at the end of the term the Place they have a claim against must be Lendy / SS.

My point was is it not in a sense Lendys problem that this borrower has not paid them their money back. If they are able should they not be honouring the contracts date entered into with investors and return people's capital and interest and then pursue their borrower to get their money or as much as possible back.

To me the big point where all the unanswered questions lie relate to the old terms and the new terms. With the change in terms and then subsequent alterations in dribs and drabs the whole position as regards and older loan seems to have become quite muddled and open to various interpretations.

SS change the terms regarding defaults only within the last couple of weeks which maybe connected to what they knew or may have been coincidental. They marked this loan up as in default on Friday afternoon and on Friday evening sent a general update in which they mentioned it but not in any detail and rather glossed over the matter despite it being a 1.7 million pound default that was bound to cause a lot of investors a lot of concern. Since then we have had 2 days of silence including 2 loans that were meant to go live yesterday not going live with no communication about anything. I know it's a bank holiday weekend and I don't expect them to drop everything and send out an update but I think we need a very detailed update that answers all these questions raised on the first working day after the break and that is on Tuesday.

I also think the statement on the matter from SS should be emailed to all investors and not just posted up on this forum because I am sure many many investors are not on this forum.

For What It's Worth I believe everything will be sorted out and nobody will suffer any significant losses here but until more information is provided it's inevitable that people will worry and their worry will grow and develop into panic so it's important for SS to be seen to be communicative and recognising people's concerns - even if they are irrational and based on bad information and misunderstandings.

Actually Corporal Jones it doesn't matter whether you panic or not with regard to PBL 20 what will be will be; however as I understand it the platform is open for business Bank Holiday weekend or not and apparently there is quite a lively secondary market in this loan so there is a genuine interest in what is discussed here.  Additionally as a general overview of the platform there was suppossed to be another loan (s) go live yesterday which didn't.  People might want more clarity before invoving themselves in either the new loans or secondary market.

As I seet it the original loan was made under the old terms and conditions with Lendy Ltd as principal

The new terms nad conditions clearly state that Lendy Ltd acts as AGENT FOR BOTH THE LENDER AND BORROWER

Notwithstanding the potential conflict of interest involved there is much ambiguity whether this loan has migrated from the old to new T&Cs in whole or part.

As I understand it the PF is entirely discretioary

Edit The SS web site states the Provision Fund is held by Lendy Provision Reserve Ltd, as far as I can see there is no description of how the fund is to be used or any mention of it in the T&Cs, therefore it would appear there is no contractual relationship with lenders, the relationship of Lendy Ltd to Lendy Provision Reserve Ltd is stated as having common directors there are no details of a contractual relationship and no published financial information (at Companies House) to give any indication of what it might be, e.g. accounts, cross company charges etc

One of the FAQs does state a lender can make an application to the PF if they are not repaid in full on a particular loan.

What's with all this doom and gloom. A loan has defaulted, 150 days overdue (perhaps a clue there, so would have been time to get out). SS/Lendy have the security so will probably get most of the capital back in time, the interest is a bonus, but if they don't... 'Your Capital Is At Risk' is plastered over most pages of p2p lenders websites. No-one held a gun to our head.

I admit I'm a complete 'ignoramus' in all of this (plus I'm not in this particular loan), and if I was at all knowledgeable I'd probably be able to play with the 'big boys' in bigger markets. But I'm not, p2p to me is a way for me, as a 'virgin' to have a chance of something better than the rubbish the established banks provide for savers.

I know the risks, I have been warned, yet I still put my money in, and for good or bad I accept the consequences. This obviously assumes there is no nefarious activities, which I doubt very much.

Should I think of suing Betfair because Atletico equalised last night against Real which screwed my bet... they were the platform after all that took my money.

Have savingstream said whether the interest is for the business or the property(ies)?

The security amount of £2.43million includes £1.385million for the garden centre including goodwill.  The company operating the Garden Centre was incorporated in August 2013 and filed dormant company accounts to 31 August 2014, Lendy Ltd registered its charges in March 2015.  Although it is likely the debtor company took over and existing business operating from the premises it is questionable now, given its failure, that the business has any significant value.  Also included is £185,000 stock

The properties themselves are quite diverse, the Garden Centre premises, a house, and 17.5 acres of land.  The entire valuation is at Open Market Value.

Whether the Administrators can obtain that, more than that, or less si a question nobody can answer at the moment.  The only figure known at the moment is that Lendy Ltd are exposed to a defaulted loan which amounts to £1.7million, when the Administrator files a report and/or savingstream give an update the situation may become clearer but to estimate what the eventual loss,  if any, may be at the moment is premature.

My personal variation: it doesn't matter whether you panic or not with regard to anything in your life,  what will be will be.

I have a good friend who, on hearing anybody's awful problems, just asks "Did anybody die?". At the usual negative response, he dismisses the matter as not worth worrying about.